S K Uni Print Private Limited, the operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against ADI Automotives Private Limited, the corporate debtor. The operational creditor claimed that the corporate debtor defaulted on payments for raw materials supplied since February 2010. The corporate debtor disputed the claim, citing business losses and financial constraints.
S K Uni Print Private Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against ADI Automotives Private Limited (Corporate Debtor). The Operational Creditor had been supplying raw materials to the Corporate Debtor since February 2010, maintaining a running account where payments were adjusted on a First in First Out (FIFO) basis. The Corporate Debtor allegedly defaulted on payments, with an outstanding amount of ₹4,85,239.34 plus 12% interest per annum. The last payment received from the Corporate Debtor was ₹10 lacs on 28.03.2018. The Operational Creditor issued a demand notice on 17.04.2019, which the Corporate Debtor disputed on 26.04.2019, claiming
…Sign in to view the parties.
The operational creditor started transacting…
The last payment of ₹10…
S K Uni Print Private Limited, the operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against ADI Automotives Private Limited, the corporate debtor. The operational creditor claimed that the corporate debtor defaulted on payments for raw materials supplied since February 2010. The corporate debtor disputed the claim, citing business losses and financial constraints.
S K Uni Print Private Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against ADI Automotives Private Limited (Corporate Debtor). The Operational Creditor had been supplying raw materials to the Corporate Debtor since February 2010, maintaining a running account where payments were adjusted on a First in First Out (FIFO) basis. The Corporate Debtor allegedly defaulted on payments, with an outstanding amount of ₹4,85,239.34 plus 12% interest per annum. The last payment received from the Corporate Debtor was ₹10 lacs on 28.03.2018. The Operational Creditor issued a demand notice on 17.04.2019, which the Corporate Debtor disputed on 26.04.2019, claiming
…The operational creditor started transacting…
The last payment of ₹10…